Polestar 3

Geely-owned electric startup Polestar has reported first half financial results that show revenues up 95% to $1.04bn. However, in the same period costs, including an IPO listing charge of $372m, were up and a gross profit of $53m was swallowed up in an overall operating loss of $885m (H1 2022 operating loss: $365m).

Polestar said the higher operating loss reflected continued investment in the commercial expansion of the business and a one-time share-based listing charge of $372.3 million incurred upon the merger with Gores Guggenheim, Inc.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The company also said some 21,185 cars were delivered in the first half, compared to 9,510 in the same period of last year.  

Thomas Ingenlath, Polestar CEO, said: “We made important progress in the first half of 2022 as we doubled revenues and volume, and successfully listed on the Nasdaq stock exchange in New York. In addition, we maintained strong momentum in our global order take and expect to deliver 50,000 cars to our customers this year, meeting our 2022 sales guidance. With several ground-breaking cars to come, Polestar is poised for a period of rapid growth.”

Other company highlights:

See Also:
  • The Polestar 3 electric performance SUV is scheduled for its world premiere in October 2022 in Copenhagen.
  • In August 2022, Polestar confirmed plans to put its electric roadster concept into production as Polestar 6, expected to launch in 2026. All 500 build slots of Polestar 6 LA Concept edition were reserved online within a week of the production announcement.
  • Polestar began delivering Polestar 2 electric cars to Hertz in June 2022 as part of a purchase agreement for 65,000 cars, and Hertz has subsequently added the Polestar 1 electric performance hybrid to its Dream fleet as well.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.